Ethereum Breaks Key Resistance Open Contracts Surge Is 3000 Next

Coin World News Report:
ETH traded above $2,700 in the previous trading day.
At the time of writing, ETH’s social dominance is close to 10%.
Ethereum [ETH]
Since the end of July, Ethereum has been below the moving average line and recently broke through short-term resistance, during which it experienced a death cross. In the past few weeks, market discussions of the second largest cryptocurrency have increased with growing interest from derivatives traders.
Increasing Social Dominance of Ethereum
Analysis from Santiment reveals that Ethereum has recently experienced a significant increase in social dominance. On September 21st, social dominance rose to over 10%. Although this ratio slightly dropped to around 9.9% by September 23rd, it is the first time in about seven weeks that it reached this level.
This growth indicates a surge in discussions about Ethereum, reflecting increasing attention on the asset. The strengthening of social dominance is correlated with Ethereum’s recent price trend, indicating a more optimistic market sentiment.
Ethereum Price Breaks Through Short-Term Resistance
Examining Ethereum’s price chart reveals growing social interest. In the past seven days, ETH has been on an upward trend.
On September 20th, it broke through the short-term moving average line (yellow line), rising by 3.90% and pushing the price to around $2,562.
At the end of the previous trading period, Ethereum’s trading price was approximately $2,642, even briefly surpassing the $2,700 mark. Furthermore, the short-term moving average line has now turned into a stronger support level.
Further analysis suggests that the next key resistance level is at $2,800. If ETH breaks through this threshold, the $3,000 mark may be retested. This price increase has also heightened the interest of derivatives traders.
Read more:
Ethereum [ETH] Price Prediction
2024-2025
Increase in Open Interest of Unfilled Contracts
Another key indicator showing positive momentum is Ethereum’s open interest. Recent analysis shows that on September 23rd, the open interest climbed to over $6 billion, reaching the highest level in about seven weeks.
The surge in open interest indicates a substantial inflow of funds from derivatives traders, potentially due to Ethereum’s recent price rise. If these positive indicators continue, ETH may soon retest the $3,000 price range.